SBI Quick Personal Loan: State Bank of India (SBI) offers several types of personal loans, only one of which provides unsecured loans with unimpeded credit. SBI Quick Personal Loan is a personal loan with an easy application, which can be accessed by applicants who have a salary account, which essentially does not have SBI.
This loan is mainly for salaried people. Self-employed can also apply for SBI Quick Personal Loan and the bank may consider evaluating their application if it is satisfied with the credit score and financial position of the applicant and his repaying capacity.
SBI Quick Personal Loan Overview
| The interest rate of the SBI Quick Personal Loan | 11% per annum onwards |
| Amount of the loan | Loan amounts up to 20 lakh rupees INR |
| Minimum income required for the loan | 15,000 rupees minimum |
| Tenure of the loan | Up to 6 years |
Loan amount of the SBI quick loan and its terms and conditions
Loan amount: you can get a loan amount of up to 20 lakh rupees INR. You can use this loan for various purposes.
Rate of interest of the SBI loan: If the application is made through its Contactless Loan Platform (CLP), the expected rate of interest is between 10.85% to 12.85%. If the offer comes in the form of a pre-approved loan from a bank, the interest may vary. CLP portal is run by SBI. For those who have a salary account in any bank account. For those who do not do so, this loan will be provided at a different interest rate, but it will mostly be in the above range. The deciding interest rate will depend on the credit score and guarantee of stability of loan collection.
Tenure of the loan: The repayment tenure of this loan is quite good. You can repay this loan in a handsome amount. As per the policy of SBI, the Repayment tenure of this loan is 6 months and 72 months.
Foreclose/prepayment of the loan: A 3% fee will be applied to the prepaid amount in case of foreclosure or prepayment. If the applicant gets a larger loan sanctioned under the same scheme, no prepayment fee will be charged. You can visit the official website for the latest information on the foreclosing/repayment of the loan.
Approval process of the SBI loan: One can apply online. The approval process for this loan can be a bit lengthy and the bank may take a week or more to evaluate your application.
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Processing Fees of the SBI Personal Loan
- Processing Fee: 1.50% of loan + GST
- The minimum processing fee at SBI Quick ranges between INR 1,000 to INR 15,000, excluding GST
- Penal Interest: 2% on late interest and amount per month.
State Bank of India Personal Loan Benefits and The Features
Eligibility criteria for the SBI Quick Personal Loan
Age: Age group between 21 to 58 years.
Employment of the applicant:
- Centre, State, Semi-Government Organizations (State Supported Organizations)
- Central and State Government Public Sector Undertakings
- Private and public limited companies (corporates)
- Recognized Educational Institution
Minimum Service: 1 Year
Minimum Income: ₹15,000 per month
EMI/NMI ratio: Monthly installments should not exceed 50% of the income.
Repayment methods
EMIs can be paid through Internet banking, debit cards, and a Unified Payments Interface (UPI) facility provided by any bank.
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An important document for the SBI loan amount
To avail of this loan, you need some important documents, here is the list of all the important documents. You can apply for the loan by submitting
The identity proof:
- PAN card
(If one does not have a PAN card, then the option of Form 60 with the three documents given below will do)
- Passport
- Voter ID Card
- driving license
you can follow these documents as the identity proof
- Voter ID Card
- driving license
- Passport
- government house allotment letter
- property tax receipt
Other documents required for the loan
- Bank Statement: The last 6 months’ bank statement of the current year of the applicant
- Salary Slip: Latest month salary slips
- Photos: recent 2 passport size photo
SBI PAPL (sbi pre-approved personal loan)
You can get a quick personal loan any time with an SBI Pre-Approved Personal Loan (PAPL). Use the YONO app to avail this loan from the convenience of your home. Service is available 24*7. However, note that only the bank can decide which individuals are eligible for this loan. To check your eligibility, you can SMS “PAPL” to 567676.
State Bank of India
State Bank of India (SBI) is a Fortune 500 company, an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai. With over 200 years of prosperity and heritage, the State Bank of India has earned itself a highly trusted bank among Indians from generation to generation.
State Bank of India, India’s largest bank, serves over 48 crore customers through its vast network of over 22,405 branches, 65,627 ATMs/ADWMs, and 76,089 banking centers. The Bank has continuously strived to provide services based on core values such as attentiveness, honesty, courtesy, and stability while focusing on innovative and customer-oriented services.